Nok Airlines stocks nosedive as SET delisting risk soars

Low-cost provider Nok Airlines stands getting ready to being delisted from the Stock Exchange of Thailand (SET). This chance stems from the airline’s failure to enhance its financial efficiency and submit its 2022 monetary results within a given timeframe, as said by the Thai bourse.
The SET identified Nok Airlines as a potential candidate for delisting, provided that the company’s equity has remained within the unfavorable for two consecutive years and it has been unable to rectify the cause leading to a potential delisting. According to the SET’s statement, the airline has until September eight, 2024, to appropriate this.
Nok Airlines can additionally be underneath scrutiny for not submitting its financial statements throughout the designated period. The bourse has given a deadline of October 2, subsequent year for the corporate to conform, failing which it could face delisting, reported Bangkok Post.
SET laws enable listed corporations a grace interval of three years to rectify causes for delisting and an extra two years to fulfill the qualifications required to resume trading.
“If the listed firm cannot get rid of the causes of delisting or repossessing the required qualifications so as to resume trading throughout the specified periods, the SET will consider delisting the securities of the company accordingly.”

On August 31, Nok Airlines knowledgeable the SET a couple of delay in the submission of its financial statements and those of its subsidiaries for December 31, 2022. The carrier stated that this delay from August 31 to September 30 of the present 12 months was because of information reconciliation within the stock system software program and the review of the stock steadiness by the auditor.
The airline explained that it wanted extra time to meticulously evaluation the stock account recording and ensure data accuracy.
As per SET knowledge, Nok Airlines reported a net loss exceeding 1.4 billion baht in 2021. Improved was on the heels of the substantial loss of 7.99 billion baht in 2020, as income dropped to 6.35 billion baht from 6.73 billion baht. The service also incurred losses during 2017-19, amounting to 1.eighty five, 2.78, and 2.05 billion baht, respectively.
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